Permian Basin oil companies added three drilling rigs in the week ending Friday, according to the latest count by Baker Hughes. The gains meant 267 rigs were active in the region. All drill primarily for oil.
Nationally, the oil and gas rig count increased by seven to a total 665 rigs. A year ago, 664 rigs were active. Rigs targeting oil increased by four to a total 529 rigs, meaning more than half of the rigs targeting oil in the nation are in the Permian Basin. Rigs targeting gas increased by 3 to a total 135 rigs.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $50.50 per barrel. National benchmark West Texas Intermediate crude ended at $53.99 per barrel.
ON THE NET: Baker Hughes.
